Resolution authorizing the execution and delivery of a multifamily housing revenue note in an aggregate principal amount not to exceed $87,459,000 for the purpose of providing financing for the acquisition and rehabilitation of a 223-unit multifamily rental housing project located in the City at 40 Harbor Road, commonly known as Westbrook Apartments; approving the form of and authorizing the execution of a funding loan agreement providing the terms and conditions of the note and authorizing the execution and delivery thereof; approving the form of and authorizing the execution of a regulatory agreement and declaration of restrictive covenants; approving the forms of and authorizing the execution of certain loan documents; authorizing the collection of certain fees; ratifying and approving any action heretofore taken in connection with the note and the project, as defined herein; granting general authority to City officials to take actions necessary to implement this Resolution, as defined herein; and related matters.

Committee

Clerk of the Board

Requested by

Mayor’s Office of Housing and Community Development

Introduced

July 26, 2016

Passed

September 14, 2016

Enactment no.

374-16